Anti-money laundering supervisory regime: response and call for further information
Detail of outcome
The government is grateful for all the responses received. The government’s response, as well as the consultation on draft regulations to underpin the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) and the consultation stage impact assessment, was published on 20 July. The government would welcome views on whether the draft regulations deliver on the government’s intent, and on the potential costs and benefits of OPBAS.
Original consultation
Consultation description
As part of the response to the call for information on the anti-money laundering supervisory regime, and the Cutting Red Tape Review of the Anti-Money Laundering and Counter Financing for Terrorism Regime, the government committed to create a new Office for Professional Body Anti-Money Laundering Supervision (the office), hosted within the Financial Conduct Authority (FCA). The office will help, and ensure, professional body Anti-Money Laundering (AML) supervisors fulfil their obligations under the Money Laundering Regulations. In addition, the office will have an overarching responsibility to strengthen the UK’s supervisory regime by improving coordination between AML supervisors and with law enforcement.
In its response, the government seeks further views on the mandate and powers for the new office, as well as how the supervisory regime might evolve over time, especially in the legal and accountancy sectors, and how any shortcomings in different scenarios might best be addressed.
Documents
Last updated 20 July 2017 + show all updates
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Updated with response to the consultation and link to new consultation on anti-money laundering supervisory review
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First published.